Dell Inc. (DELL) is feeling the heat this morning, as traders react to the company's weak third-quarter revenue and a warning that full-year sales may arrive below expectations. For the quarter, Dell earned $893 million, or 49 cents per share, on revenue of $15.4 billion. On an adjusted basis, earnings came in at 54 cents per share.

While Dell bested Wall Street's earnings target of 47 cents per share, revenue fell short of expectations for $15.7 billion. Furthermore, the No. 3 PC maker warned that full-year revenue may come up short due to a weak economy and flooding in Thailand, which is a major producer of hard disk drives.

“Given the uncertain macroeconomic environment and complexity in working through the industry-wide hard drive issue, the company is trending to the lower end of the range of its revenue outlook of 1% to 5% full fiscal-year growth,” Dell said in a statement accompanying its quarterly earnings report.

Heading into the report, the brokerage community held a bullish bias. According to data from Thomson/First Call, DELL sports 19 Buys, 10 Holds, and just five Sell ratings. Meanwhile the average 12-month price target rests at $18 – a premium of about 15% to DELL's close at $15.63 on Tuesday. Any downgrades or price-target cuts could provide additional selling pressure for the shares.

However, volume in the options pits saw a decidedly bearish skew during Tuesday's trading. More than 108,000 DELL put contracts traded yesterday, compared to just 74,752 call contracts. The result was a single-session put/call volume ratio of 1.45.

Overall, peak front-month put open interest resides at the out-of-the-money November 14 strike, totaling a hefty 75,196 contracts. Other puts of note include the November 15 strike, with 45,919 contracts, and the November 16 strike, with 17,369 contracts. On the call side, peak open interest numbers 38,255 contracts at the overhead November 16 strike, with another 36,280 contracts at the deep-out-of-the-money November 18 strike.

From a technical perspective, DELL's post-earnings pullback puts the stock near key long-term support from its 50-day and 200-day moving averages. Additional support could also emerge near the $15 area. That said, there is very little in the way of upward mobility for the security, with resistance looming overhead in the $16-$16.50 area.